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GENERAL PARCEL SERVICE POSTS RECORD THIRD QUARTER REVENUES

      GENERAL PARCEL SERVICE POSTS RECORD THIRD QUARTER REVENUES
    JACKSONVILLE, Fla., Nov. 15 /PRNewswire/ -- General Parcel Service, Inc. (NASDAQ: GPSX) (GPS) a Jacksonville-based business-to-business package delivery company, posted record third quarter revenues.
    Sales increased $677,964 or 28 percent for the quarter ended Sept. 30, 1991, over the comparable period in the previous year. GPS reported a loss for the quarter of $502,731 or $.22 a share compared to a net loss of $629,541 or $.42 per share during the same period last year.
    For the nine month period ended Sept. 30, 1991, GPS sales increased by 48 percent to $8,652,638.  The loss reported for the first nine months of 1991 was $1,107,351 or $.54 per share.  This compares to a net loss of $1,482,086 or $1.00 per share in the first nine months of 1990.
    "As we continue to grow and expand, we have been successful in reducing our loss from operations by $155,468 (or 30 percent) for the third quarter vs. the same period in 1990.  We are steadily increasing our capacity utilization and absorption of fixed costs," said Hoke Smith Jr., founder and president.
    GPS went public in November 1989.  It is a fast-growing southeastern regional parcel delivery company with 11 terminals and 267 vehicles currently operating in Florida and Georgia.
    -0-                       11/15/91
    /CONTACT:  Hoke Smith Jr. or Joe McDonald, 800-227-1311, ext. 3018, of General Parcel Service/
    (GPSX) CO:  General Parcel Service, Inc. ST:  Florida IN: SU:  ERN SS-MR -- FL002 -- 1392 11/15/91 09:13 EST
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Publication:PR Newswire
Date:Nov 15, 1991
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